Consumer spending and personal incomes were both unchanged in June after rising 0.1% and 0.3%, respectively, in May, the Commerce Department said today in a statement.

"Consumers are still hunkered down," Ryan Sweet, a senior economist at Moody's Economy.com told Bloomberg News before the report. "The second half of this year we're going to see slower spending." Economists surveyed by Bloomberg forecast a median 0.1% gain in spending and a 0.2% advance in incomes. Personal saving rose to 6.4% of disposable personal income in June, from 6.3% in May.

Federal Reserve Chairman Ben Bernanke said yesterday that consumer spending may "pick up" as wages rise, Bloomberg News reported.

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prognesub

Getting people back on the credit/debt merry-go-round is just what the
Obama administration and the j-wboybankster huddle wants. If these folks
want Americans to start spending more they should honestly work for the
return of living-wage jobs to the US.

August 03 2010 at 3:20 PM Report abuse +1 rate up rate down Reply
scottee

more spending and debt is NOT a solution to a spending and debt problem.

we need manufacturing jobs and savings accounts.
we need smaller government and fewer taxes.

August 03 2010 at 10:08 AM Report abuse +3 rate up rate down Reply